GST – Simplified Meaning GST is a single tax on the supply of goods and services, right from the manufacturer to the consumer. Credits of input taxes paid at each stage will be available in the subsequent stage of value addition, which makes GST essentially a tax only on value addition at each stage. The […]
Tag Archives: GST
Goods and Services Tax i.e.GST is just the replacement of Indirect taxes like Sales tax,Service tax and Excise duty.which indirectly effect the customers
Definition First and second stage dealer in GST We are continuing our discussion on the definitions given under Section 2 of revised GST law and comparing the same with old model GST law to know the changes made in revised law:- Section 2(46): First Stage Dealer: The new definition reads as follows: First Stage Dealer […]
EXEMPTION FROM GST There is no separate meaning for goods or service under GST . Section 3 defines the term ‘supply’meaning of Supply is same in both of the goods and service. The provisions of Finance Act, 1994 and Central Excise Act, 1944 and State Value Added Tax laws give powers to the respective Government […]
Impact of GST on Automobile Dealers Industry The Indian auto industry is one of the largest in the world. The industry accounts for 7.1 per cent of the country’s Gross Domestic Product (GDP). Almost 13% of the revenue from central excise is from this sector and claims a size of 4.3% of total exports from […]
Aggregate turnover under revised GST law GST Model is required only if the turnover of the assessee crosses the threshold limit of Rs twenty lacs. Today in this update we shall analyse the definition of “aggregate turnover” and changes brought in by Revised GST Draft Law.